Senators have finally struck a deal on a revamped, $780 billion economic stimulus package (originally $819 billion), paving the way for the stimulus bills passage and allowing President Barack Obama to implement his plans for reviving the economy. The plan had grown to nearly $1 trillion, causing much debate across party lines, but worsening job numbers and last minute deal making/changes got the rescue package over the line. Once passed, the Senate bill will have to be reconciled with the House version before being sent to Obama.

The House of Representatives approved the $819 billion economic stimulus plan by a 244-188 majority. The Republicans (GOP) did not support the bill, as President Obama had hoped, and it now heads for a Senate vote, with a goal of getting it signed into law on President's day. Democrats hold an effective 58-41 majority in the Senate, so the bill should get passed despite GOP opposition to the package's make-up. Republicans said the bill relies too much on spending and not enough on tax cuts to boost the economy. But Obama's "I won (the election)" line shows that his approach is the one that voters want and that Republicans shouldn't expect to get their way.

In an effort to provide greater transparency and build bipartisan support for the largest stimulus plan in the nation's history, President Obama and his team have laid out more details about the $825 Billion Economic Recovery Plan. This plan includes the much anticipated $100 billion plus in Consumer stimulus, now the form of tax rebates, which many families are keenly anticipating. I have written in detail about the makeup of the consumer stimulus, which basically gives tax breaks – based on income – worth $500 to individuals and $1,000 for couples. This will be paid via adjusting the withholding on people's paychecks or as a credit when tax returns are filed. It is estimated that 95% of families will benefit from the new tax rebate.

However the consumer stimulus (tax rebates) are only one part of Obama's recovery plan and is more of a short term measure to jump start the economy. In the long term though the focus is to create jobs (3 to 4 million) and upgrade our nations infrastructure and facilities to the 21st century. Here are some of the other key measures in the economic recovery plan:

Double within three years the amount of energy that could be produced from renewable resources. That is an ambitious goal, given the 30 years it took to reach current levels. Advisers say that could power 6 million households.

Upgrade 10,000 schools and improve learning for about 5 million students.

Build a new electricity grid that lay down more than 3,000 miles of transmission lines to convey this new energy from coast to coast.

Save taxpayers $2 billion a year by making 75% of federal buildings more energy efficient, and save the average working family $350 on their energy bills by weatherizing 2.5 million homes.

Computerize the nation's heath record in five years, saving billions of dollars in health care costs and countless lives.

Repairing and modernizing thousands of miles of America's roadways and providing new mass transit options for millions of Americans

The plan would spend at least 75% of the total cost, or more than $600 billion, within the first 18 months. The graphic from the NY times shows where the money will be spent over the next few years. President Obama's recovery plan has come under heavy criticism from the Republicans who argue that spending is titled more toward slow moving government and infrastructure spending rather than more aggressive long term tax cuts. However, with the President enjoying huge amounts of support and political capital it is unlikely the Republicans will have much sway in changing the allocation of funds in the recovery package. As he told them in a meeting with senior senators, "I won (so I get to do what I want)" House Speaker Nancy Pelosi said yesterday that she is committed to having a stimulus bill passed and ready for Obama to sign by the President's Day holiday on February 16.

President Obama is also committed to providing greater transparency and accountability for all the government spending (via a stimulus spend tracking website), one of the key criticisms under the Bush administration. All in all, I think law makers all over the country realize the dire economic straits the nation is facing and the need for action. Time is of essence, or our great grandchildren could still be dealing with the economic fallout. As Obama himself said in his weekly radio address, "In short, if we do not act boldly and swiftly, a bad situation could become dramatically worse...We could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future."